China Digest: InnoVen Capital backs NongFenQi; IDG invests in Xianshiji

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Agricultural service company NongFenQi has raised a Series C funding round led by Yi Capital, while one-stop supermarket e-commerce platform is reported to have closed a Series B round of about $15.9 million.

NongFenQi raises Series C round

Agricultural service company NongFenQi has raised a Series C funding of “several billion yuan” in a round led by Yi Capital, according to a KrAsia report.

The round was joined by existing investors including Singapore’s InnoVen Capital, BAI (Bertelsmann Asia Investments), YongHua Capital, ShunWei Capital, Source Code Capital and Zhen Fund.

The report said the company plans to use the capital to continue to tap the agricultural sector and to finance its expansion. It will also be used to strengthen the company’s agricultural channels, and help it focus on technical and technological applications of agricultural machinery and agricultural investment lines.

Run by Nanjing Nongfenqi E-Commerce Co. Ltd., Nongfenqi provides instalment payment services to large farming groups and collaborative communes on their agricultural equipment purchases.

Founded by Jian Zhou and Ming Liang Zhang and headquartered in Nanjing, China, Nongfenqi had raised $1.4 million in funding from Plum Venture and Future Cap in July 2015. It also raised another $1.4 million in a Series A funding round led by Shunwei Capital. secures $15.9 million funding

Fresh produce and fast-moving consumer goods (FMCG) B2B supply chain platform has closed a Series B round of nearly $15.9 million, according to a report by KrAsia.

The funding round was led by IDG Capital and HJ Capital, with participation from ZhenFund, Sky Saga Capital, Century Capital and Hudai.

Founded in 2015, predominantly targets supermarkets in east China. It uses information-based supply chain system to vertically integrate the upstream suppliers and retailers in the existing fresh produce & FMCG value chain.

According to founder LIAO Chuan, the fresh funding comes at a time when is looking to branch out into more cities in east China and build about 10 more logistics centres in that area.

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